In his op-ed Forbes article, Clem Chambers, the co-founder of ADVFN, insists that Bitcoin’s recent price recovery is directly linked to a maelstrom of agony caused by the escalating US-China trade war.
While the idea that Bitcoin can act as a hedge asset against the global economic turmoil is is rather controversial, the BTC price tends to go up when there are growing tensions between the two global superpowers.
Chambers predicts that the trade conflict won’t be resolved anytime soon, and this could serve a major catalyst for the top cryptocurrency by market capitalization. He adds that BTC will probably touch to touch its current ATH of $20,000 in 2019.
If we are in for a trade war of attrition, bitcoin will be above £20,000 by Christmas or sooner.”
The famed financial analyst also suggests that precious metals will also have their time to shine, but their price growth will be “subdued.” This is apparently bad news for gold-bug-in-chief Peter Schiff who earlier claimed that the BTC rose purely because of speculations.